Total gross contingent resources over the two licenses, including gas, are 747 MMboe on a 2C basis and 1.462 MMboe on a 3C basis.

More than half a billion barrels of 2C oil resources are in the reservoirs that comprise the Sea Lion complex, including those discovered in the Zebedee well. These resources will likely be developed in two phases, the first focused on the northeast and northwest of the SL10 and SL20 fans.

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In addition to the discovered resources, Rockhopper believes there are a large number of near-field prospects in the relatively low risk Isobel/Elaine appraisal area.

CEO Sam Moody said: “In our view this new audit confirms the potential of the North Falklands to be a billion-barrel basin.

“The Sea Lion complex itself holds over half a billion barrels with almost 270 MMbbl of low risk near-field upside (including the SL20 west flank in oil-bearing case) which we believe could be assessed with as few as three or four more optimally-targeted wells.

“In addition, the Isobel/Elaine discovery has the potential to be a third regional development potentially containing over 500 MMbbl.”